Crypto Market: Casino, Cycles, and the Eternal Narrative

The crypto market is often described as a “carnival for gamblers and casinos.” This isn’t a new idea—people said it in 2018, and again in 2022. But perhaps, we shouldn’t stop at surface-level criticism.

At its core, the market is a game of liquidity. When external capital floods in, the pursuit of high returns naturally brings out “gambling” tendencies, giving rise to speculation and bubbles. In fact, so-called “gambling markets” invisibly consume excess liquidity, completing a redistribution of funds.

So, we see the crypto world constantly repeating a cycle:
Value investing → Belief-based investing → Sentiment-driven speculation → Complete disappointment

At the start of 2023, the buzz around BTC and “value investing” was loud; now, the market’s coldness is just as obvious. Interestingly, the industry keeps rebuilding and expanding in this spiral of “belief—doubt—denial.”

We don’t need to believe that any single blockchain will succeed, nor do we need to worship a particular token as rising forever. We only need to believe in one thing: the narrative of decentralized networks will not disappear.

As long as this fundamental narrative keeps spreading and attracting fresh attention and liquidity, the market will always have another boom—no matter how messy things get afterward. In the long run, the overall trajectory of this market will still trend upward.

Looking ahead, 2025–2026 may well be the “doubt” phase, possibly followed by a valley of “disappointment.” But the human traits of profit-seeking, curiosity, and adventure never change. Investment and speculation will always find fertile ground for survival.

Notably, the next wave of narratives may be closer to Bitcoin’s original spirit:

· The revival of privacy coins (such as Zcash, Monero)
· Revaluation of classic POW projects (such as Dash, Decred)
· The return of the Proof-of-Work (POW) narrative—rekindling discussions about decentralization and energy value storage in today’s POS-dominated landscape.

Cryptocurrency has never been a linear story. It’s a game of cycles, a reflection of human nature, and a long-term experiment about trust and freedom.

You may choose not to participate, but perhaps you shouldn’t ignore why it continues to exist—and keeps coming back.

Discussion topics:
How do you view the “casino” metaphor for the crypto market?
Will privacy and classic POW projects truly see renewed attention?

Feel free to discuss rationally in the comments 👇
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